The D3 team was heavily involved in investing in CVT during its early stages and also in driving its IPO in Hong Kong.

CVT has been listed on the mainboard of the Hong Kong Stock Exchange since 8 October 2009. The Group is primarily engaged in mining, ore processing, iron pelletising and the sale of iron concentrates, iron pellets and titanium concentrates to steel producers and downstream users of titanium-related products within Sichuan province. The Group now owns four vanadium-bearing titano-magnetite mines (namely the Baicao mine, the Xiushuihe mine, the Yangqueqing mine and the Cizhuqing mine), an ordinary iron ore mine (namely the Maoling-Yanglongshan mine), five processing plants (namely the Baicao processing plant, the Xiushuihe processing plant, the Hailong processing plant, the Heigutian processing plant and the Maoling processing plant) and an iron pelletising plant. All mines are located in Sichuan province, a region with the most abundant vanadium-bearing titano-magnetite resources in China.

The D3 team was one of the early investors in CVT and exited the investment completely during 2010-2012. It recorded a >35x return on its investment in less than 5 years.